(As originally published on Seeking Alpha on Mar 22, 2011).
Vical’s stock price has rallied the last few weeks. At the time of this writing the company has a market cap of roughly $180M and a price per share of $2.50. At the end of 2010, total cash was $60M after raising $37M in Sept 2010 in a stock offering that cut the stock price almost by half. It is worth pointing out that at the time of the offering, Vical had less than $15M cash. According to the recently published annual report, Vical burned $28.2M in 2010 and it expects to burn between $22M and $27M in 2011.